CBRE Rotterdam CBD (Maart 2014)

8/12/2019 CBRE Rotterdam CBD (Maart 2014)

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March 2014

ROTTERDAM

CENTRAL BUSINESS DISTRICT

An insider’s view



ROTTERDAM CENTRAL BUSINESS DISTRICT 3

© Copyright 2014 CBREInformation herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy,we have not verified it and make no guarantee, warranty or representation about it. It is your r esponsibility toindependently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimatesused are for example only and do not represent the current or future performance of the market. Thisinformation is designed exclusively for use by CBRE clients, and cannot be reproduced without prior writtenpermission of CBRE.

INTRODUCTION

We are pleased to present you the second edition

of ROTTERDAM CENTRAL BUSINESS DISTRICT,

AN INSIDER’S VIEW, as the report has been

received very positively by those involved with

or interested in the office market in the primedistrict of Rotterdam. A s ‘Gateway to Europe’,

Rotterdam plays a prominent and special role in

the Dutch economy. It is Europe’s largest seaport,

but also the country’s third largest office location.

With a stronger focus on trade and distribution,

Rotterdam has a less prominent of fice profile than

the other major cities in the Netherlands, but the

city is nonetheless one of the country’s largest

agglomerations and accommodates a large-scale

and dynamic office market. The business ser vices

sector is best represented. Other important

clusters - which are more directly por t-related - are

transport and energy companies, who seek office

space in the city of Rot terdam.

Within the city centre, the Z-shaped Central

Business District is the most important office

location. It comprises of 40 offices in the heart

of the city, mostly situated at Weena, Coolsingel

and Blaak. The high-rise Kop van Zuid area (south

bank of the Nieuwe Maas river) aims for the same

high-end position, but has its own distinct profile

that sets it apart from the CBD.

The Rotterdam Central Business District (RCBD)offers excellent accessibility by public transport.

It is one of the few European locations where the

prime business district, high speed public transport

and the functional heart of the city with its retail

high streets and leisure facilities are in one and

the same place. The Z-shaped district is draped

over the shopping heart of Rotterdam and most of

its office buildings are neighboured by numerous

residential complexes. Within the RCBD, a

distinction can be made between 3 subareas:

The Weena area (also referred to as

“Rotterdam Central District”) which consists

of office property at Delftseplein, Hofplein,

Stationsplein and Weena.

TOTAL OFFICE STOCK767,800 SQ M

NUMBER OF OFFICE

BUILDINGS

40

AVERAGE ANNUAL

TAKE UP 2009-2013

27,250 SQ M

VACANCY RATE

25.7%

QUICK STATS 2013 Q4

These buildings are shown on the map on the

next pages under number 1 till 16.

The Coolsingel area which consists of

office property at Beursplein, Stadhuisplein,

Coolsingel and Aert van Nesstraat. Thesebuildings are shown on the map on the next

pages under number 17 till 30.

The Blaak area consists of ten office properties

all located at the Blaak. These buildings are

shown on the map on the next pages under

number 31 till 40.

The majority of the office property in the CBD

was constructed after the devastations of WWII,

Groothandelsgebouw being among the first and

(still) the largest. The RCBD currently offers a

mixture between low profile post-war buildings with

large footprints and modern high-rise buildings

from (mainly) the eighties and nineties. Only five

office buildings were constructed in the beginning

of the twenty-first century.

Offices in the RCBD are relatively large in scale,

averaging about 19,000 sq m. The number

and height of the buildings here are unmatched

anywhere else in the country and form The

Netherlands’ most impressive skyline.

Large-scale (re)developments in the RCBD are

giving the district an upgrade and will improvethe attractiveness of the area. Not only for

corporate occupiers but also for its visitors and

inhabitants. The main foundation on which this (re)

development is based concerns the redevelopment

and enlargement of the Central Station to a

public transport terminal that can cope with the

strong growth of (international) passengers and

especially to its function as an entrance to the

city. Little is known however about the impact of

these developments and the details of the market

dynamics in the district. Particularly in a situation

where the office market of the RCBD is coping

with a significant volume of vacant office space,

it is important to emphasize the strong qualitative

differences that exist in the current market.

Cover photo by: Adriaan van Dam Fotografie



4 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 5

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1. Groothandelsgebouw

2. Weenapoint

3. Millennium Tower

4. Central Plaza

5. Delftse Poort

6. Central Post

7. Unilever HQ

8. 200 Weena

9. Gebouw Weena

10. Weenatoren

11. Weena 70

12. Weenahuis

13. Weenaflat

14. Hofplein 19

15. Hofpoort

16. Hofplein 33

17. Co olsing el 6

18. Stadhuis

19. Hermes20. Holbeinhuis

21. De Utrecht

22. Coolsingel 93

23. Aert van Nesstraat 5

24. De Splinter

25. Rotterdam Building

26. Beurs-WTC

27. Coolsingel 119

28. Erasmushuis

29. Coolse Poort

30. Robecohuis

31. Blaak Office Tower

32. Blaak 333

33. Blaak 40

34. Blaak 34

35. Blaak 28

36. Blakeburg

37. Blaak 31

38. Blaak 16

39. Blaak 8

40. Blaakhaven

CentralStation

StationBlaak




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Coolsing el area Bl aak area

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ROTTERDAM CBD OFFICE MARKETDYNAMICS

Stock, take-up & vacancy In terms of square meters the RCBD is comparable

to the prime districts in the other three major cities.

A striking feature, however, is the large scale of

the office buildings: a respectable 29 out of the

40 properties are larger than 10,000 sq m and

most of the of fice buildings can be qualified as

multi-tenant facilities. Offices in the RCBD are

relatively old: the average year of completion is

1974. By comparison: the average for the CBDs of

Amsterdam and The Hague is 1992. As a result,

the district is coping with obsolete first-generation

office property for which it is difficult to find a

tenant in the current state.

Demand for office space in the RCBD appearsto be volatile. It has shown a slightly positive

outcome in the year 2013, when compared to

2012. Measured from 2005 to 2013 the average

annual take-up is approx. 28,100 sq m. The year

2010 was the best year in terms of volume, with a

total take-up of almost 60,000 sq m.

After that year the annual take-up volume has

shown a downward trend, to an annual average

take-up of 22,100 sq m.

Vacancy within the RCBD has increased from

the lowest point in 2008 (58,000 sq m) to a

substantial level of approx. 197,000 sq m in 2013.

This figure indicates that 25.7% of the total stock

is currently available on the open market, either

to let or for sale. T his is a high vacancy rate for

a prime district, but it should be pointed out that

52% of the total vacancy is located in only five

buildings, of which three can be regarded as

obsolete. An example is the Blaak 16 building, for

which redevelopment plans are being worked out.

Differences also occur within the RCBD subareas,

showing somewhat lower rates at Coolsingel and

higher rates in the Blaak and Weena areas.

Top 10 available offices 2013 Q4

Most recent investment deals

Top 10 largest occupiers

RANK PROPERTY NAME SQ M OCCUPIER

1 Unilever HQ 22,000 Unilever

2 Delftse Poort 22,000 ING Insurance (Nationale Nederlanden)

3 Coolse Poort 20,000 Allianz

4 Stadhuis 19,000 Municipality of Rotterdam

5 Robecohuis 17,000 Robeco

6 Blaak 31 14,400 Loyens & Loeff

7 Blaak 8 13,500 Stedin

8 Groothandelsgebouw 13,000 LyondellBasell Industries

9 Weena 70 12,000 Shell Downstream

10 Blaak 34 10,800 Municipal Tax Office Rotterdam

RANK PROPERTY NAME SQ M AVAILABLE

1 Delftse Poort 42,200

2 Blaak Office Tower 18,400

3 Hofpoort 15,100

4 Blaak 16 14,600

5 Hofple in 19 12,100

6 Groothandelsgebouw 10,000

7 Millennium Tower 9,000

8 Central Plaza 8,800

9 Blakebu rg 7,100

10 De Utrecht 6,900

YEAR PROPERTY NAME SQ M BUYER PURCHASE PRICE

(X € 1 MILLION)

2014 Erasmushuis 5,300 Coolsingel 104 B.V. 3.95

2013 Weenatoren 10,700 Blackstone Approx. 14

2013 200 Weena 17,500 Blackstone Approx. 25

2013 Hofpoort 19,000 PPF Group Approx. 8

2012 Blaak 28-34 18,000 Real IS 36.2

2011 Blaak 8 13,500 Hannove r Leasin g 52.7

2009 Unilever HQ 24,500 Real IS 86

2008 Weenapoint 33,700 Maarsen Groep 89.3

2008 Blaak 31 23,200 Commerz Real Investmentgesellschaft 80

Vacancy rate

Office stock

Take-up

This can be mostly attributed to the (partially)

vacant office buildings Delftse Poort (42,200 sq m)

and Blaak Office Tower (18,400 sq m).

Looking at the year of completion of vacant office

property it can be noticed that buildings which

are built in the ‘70s and ‘90s are coping with

most of the vacant office space. I n total they are

responsible for almost 64% of total vacancy. Often,

the lay-out and appearance of these buildings no

longer meet nowadays occupier requirements.Renovation or redevelopment would be a solution.

A further widening of the market is expected

due to new developments as First Rotterdam

and Cool63. Although these schemes will

push vacancy higher still, they are necessary to

provide room for corporate tenants. These are

increasingly consolidating their operations and

are implementing flexible workspace strategies,

opting for high-grade and often new or renovated/

refurbished properties. These relocations are

causing vacancy in older premises and at

secondary or peripheral locations, thus polarising

the market further. Examples are Robeco and

Stedin who respectively signed lease agreements

for First Rotterdam and Blaak 8.

BlaakhavenDe Splinter

Central Post

Blaak 31

Blaak 8




Type of owner

4.8%

5.0%

5.2%

5.4%

5.6%

5.8%

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P r i m e n e t i n i t i a l y i e l d

1945-1960

’60s

’70s

’80s

’90s

Post2000

8%

12%

23%

4%

41%

12%

29%

26%

10%

4%

13%

7%

5% 2%

Open/Closed/Special Funds

PublicCompany

Developer

REIM

Private

Owner/Occupier

Institutional

Bank

Netherlands

Germany

USA

French

Czech Republic

59%

29%

10%

2%3%

<1,000sqm

1,000-4,999sq m

5,000-9,999sq m

>10,000sqm

37%

51%

5%

7%

Groothandelsgebouw

Central Post

Gebouw Weena

Central Plaza

RotterdamBuilding

MillenniumTower

200Weena

Other

18%

16%

7%

6%6%

5%

5%

37%

25%

16%

11%

13%

7%

4%

3%

5%

5%

2%

9%

Business Services

Industry,Transport,Utilities &Trading

Financial Services

ITandMedia

PublicSector

Architects &Construction

Healthcare

Education

Lawyers andNotary

Real Estate

Other

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Transacti ons S iz e

N u m b e r o f t r a n a c t i o n s

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Transactions by number and size (sq m) (2004-2013)OWNERS

The ownership structure in the Rotterdam CBD is

characterised by a large share of Ger man open

and closed-ended funds. In terms of surface,

about 29% of the total stock is owned by these

funds. They are currently active players on the

Dutch office market, investing in prime offices that

are having a growth potential. Another noteworthy

aspect of the ownership structure is the fact that

only four office buildings are owner occupied. This

concerns the two buildings of ABN AMRO, the

Municipality of Rotterdam and the Chamber of

Commerce. From this perspective the RCBD can

be characterized as a typical letting and investment

market.

In line with the other G4 cities most of the total

stock is in the hands of domestic landlords (59%).

Another large share is for German investors (29%),

which all concern open and closed-ended funds.

A growing share is for US-based investors, mostly

due to the entry of Blackstone who purchased two

office assets at Weena in 2013.

The office investment market in the RCBD has

seen an increase in investment activity in 2013, but

the growth was entirely due to the market entry of

private equity. Both Blackstone and the PPF Group

acquired office property in the RCBD, albeit as

part of nationwide portfolios. The activity of private

equity parties such as Blackstone in the RCBD

is reflecting an increased appetite for core-plus

and value-add assets in a prime m arket, aiming

at an expansion of the core market and a future

sharpening of yields. Although vacancy figures

in the RBCD are s till high, the latest investment

transactions are a sign that market conditions are

expected to improve. As such, this could bring

about more activity into the market.

Yields in the CBD of Rotterdam generally reach the

same levels as the trades that have been recordedin the other G4 cities. With a current level of

approx. 5.7% (net) for prime office buildings, yields

are among the lowest in the Netherlands. Based

on investment transactions of older office buildings

the average net initital yield lies around a level

of 7,5%. These older properties provide a clear

value-add opportunity.

LEASES

In the period 2004-2013, about 102 letting

transactions (>500 sq m) were recorded in the

CBD of Rotterdam.

A total of over 258,000 sq m was occupied by

these transactions. The best year in number of

transactions was 2008, whereas the year 2010

showed the largest take-up volume. This is partly

due to three transactions by Shell Downstream,

Stedin and Nauta Dutilh, covering 35,500 sq m

in total. On asset level the multi-tenant giants

Groothandelsgebouw and Central Post account

for more than a third of all transactions in the

RCBD. Particularly Central Post proves that

redevelopments at own risk that are able to meet

user requirements will keep attracting tenants in

current market conditions.

In line with the other G4 cities most of the

transactions are in the below-5,000 sq m range

(88%). Only a handful of transactions were larger

than 5,000 sq m, and of the transactions above

10,000 sq m four out of s even deals concerned

rental agreements for newly built offices. According

to these figures, the office transaction market in the

RCBD can be ranked as small- to medium-sized.

Another visible trend in the market is that

companies choose more often for a contract

renewal based on flexible lease terms. Recent

examples include Nationale Nederlanden, Unilever

and Houthoff Buruma.

The relatively large presence of Industr y, Transport,

Utilities & Trading related companies (16%) is a

striking aspect of the RCBD when compared to

the other G4 cities. The main reason for this is

the proximity of the Port of Rotterdam, the largest

port in Europe. Of all companies in the RCBD

a quarter are from the business services sector.

Financial services and IT and Media also have

a strong presence in the RCB D. In addition, the

RCBD accommodates several corporate tenants

with a historical presence in the city, such as ABN

AMRO, Allianz, Nationale Nederlanden, Robeco

and Unilever.

RENTS & INCENTIVES

Average rents in the CBD of Rotterdam currently

move around a level of € 170 per sq m per year.

It should be noted, though, that rental prices differ

strongly per subarea. The highest market rents

for larger-scaled property (> 500 sq m) are to be

found at Weena, with a prime rent of € 225 per

sq m per year. These top rents are related strongly

to the individual image of the premises and cannot

be considered as a general rent level for standard

office units. Based on the available data of letting

transactions an absolute top market rent of € 250

is being paid for smaller-scaled office space in the

Transactions by size category (sq m) (2004-2013)

Sector (%) of companies & rented units at the CBDin Rotterdam in 2013 (excluding Beurs-WTC)

Number (%) of transactions by building (2004-2013)

Year of completion of vacant officebuildings

Nationality of owner

Prime net initial yield




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Weena area Coolsingel area Blaak area

€ p e r s q m p

e r y e a r

Prime Prime Prime

Average Average Average

Rental levels 2009-2013

World Trade Center. On the other hand, market

rents of only € 100 per sq m per year are being

paid for older property in the RCBD. According to

this it seems that a young age and a high quality

of the property ensure significantly higher market

rents than the average.

Rotterdam Central Station

Source: Adriaan van Dam Fotografie

Impression First Rotterdam

Source: First Rotterdam CV

Impression Cool63

Source: MAB Development

In the Netherlands incentives form a common

instrument for landlords to attract tenants and keep

nominal rent levels up. As this is not different for

the RCBD, a general range can be given.

Currently the average level of rent incentives for

new lease contracts in the district is about 15%-

25%. It is expected that when new development

has dried up, incentive levels in the RCBD will

stabilize or even decline in the near future. Still,

there will be a clear difference between high

grade office buildings and older buildings that

are not able to meet user requirements.

NEW DEVELOPMENT

The municipality of Rotterdam has decided to

restructure and upgrade the inner city’s core

area thoroughly. With the redevelopment

and expansion of the Central Station and the

Stationsplein, the entrance of its most prominent

office area is uplifted to suit the international allure

of the city.

The redevelopment of the Central Station is the first

step towards a more lively and attractive Central

Station area. On the ground floor of the high-rise

buildings additional retail and leisure units are built

to create a vivid urban environment. Included is a

large parking garage at Kruisplein (760 parking

spots) and a pedestrian boulevard on top.

Central Station & StationspleinCurrently, the redevelopment of the Central Station

and the square is in its final phase. The entire

project is set to be completed in the first months

of 2014, with a grand opening in March. In the

redevelopment project a bicycle garage is included

with room for almost 5,200 bicycles. This may

seem hardly relevant to the international reader,

but bicycles are a main form of transport in the

Dutch inner cities and facilities to store them are

a necessity to be able to cater for office staff.

Weenapoint ‘First Rotterdam’ Another large redevelopment scheme, just

across the Central Station, is the 110,000 sq m

Weenapoint with the ‘First Rotterdam’ project. This

mixed-use project consists of 54,000 sq m of office

space, 800 sq m of retail space, apartments and

200 parking spots. For the development of ‘First

Rotterdam’ the old Weenapoint office will partly be

restructured and integrated into the First Rotterdam

tower. The 130 metre high-rise is projected to be

completed in 2015.

WeenaBLVDFollowing the completion of the Central Station,

the WeenaBLVD project is set to start. The

objective is to create a pedestrian-friendly, direct

access to the CBD from the Central Station. Motor

vehicles will be restricted from this area. The date

of execution of this project is yet to be determined.

Besides, a new hotel w ill be developed, which in

2017 will accommodate Intercity Hotel.

Cool63The mixed-use project Cool63 will replace

outdated buildings with a new building including

offices (5,100 sq m), retail and restaurant/catering

services (13,700 sq m) and 15 luxury residences.

The project is set to be completed in 2015.

Post RotterdamThe Post Rotterdam project is often debated. The

initial proposition was to restructure the former

post office at Coolsingel into a luxury segment

shopping mall. After being rejected, the current

plan is to develop a retail outlet centre of 28,50 0

sq m. However, it remains uncertain whether and

when the development will be realised.

Forum RotterdamThe Forum Rotterdam project is often mentioned.

O.M.A. Architects is responsible for the 66 metre

high and 65 metre wide cubic with mixed-use

functions. The former ABN-AMRO tower will be

demolished while the monumental front will be

incorporated in the new development. In total this

project encompasses 120,000 sq m which includes

15,000 sq of office space, 35,000 sq m of retail

space, 100 apartments, 150 hotels rooms, 3,000sq m of restaurant/catering and 2,000 sq m of

culture/leisure space. The construction of Forum

Rotterdam is expected to be re alised in 2016.

ErasmushuisThe Erasmushuis, also known as the HBU -building

where the former Hollandsche Bank-Unie was

established, is a vacant office property for which

redevelopment plans are currently being made.

Markthal A much acclaimed project in the CBD of Rotterdam

is the construction of the ‘Markthal’ (market hall).

It concerns a mixed-use development of 200

apartments, 10,000 sq m of retail space, 2,000

sq m of restaurant and catering services and 1,200

parking spots. The development is completely

focused on food and beverages and will contribute

to the CBD’s living environment. The construction

will be finished in the second half of 2014.

Blaak 31 At Blaak several buildings will either be

redeveloped, expanded, demolished and/or

constructed. One of the buildings, ‘Blaak 31’,is already developed and completed in 2010,

but is worth mentioning as an important step

in the development process of the Bl aak. The

construction of this 23,000-sq m building started

in the second half of 2008. Currently, Blaak 31 is

almost fully occupied.

Blaak 16Blaak 16 is an example of transformation of

an old office building into a highly sustainable

office with 16,000 sq m of office space and

125 parking spots. However, redevelopment

is currently not in progress and although there

are several propositions, the project is still in an

exploratory phase.

Blaak 8 Another example of sustainable office development

that already has been finalised is Blaak 8. This 70

metre high tower with 22,500 sq m reserved for

office activities and 168 parking spots is now in

use by the headquarters of Stedin.

BlaakhavenThe Blaakhaven building comprises of 9,000

sq m for mixed-use functions of which 4,800 sq m

is designated for office space, 1,200 sq m for retailand 150 rooms are reserved for hotel purposes.

The building encompasses 118 parking spots. The

construction started in 2011 and was completed

in Q4 2013.

BREEAM-NLRotterdam Central District (RCD, effectively

the Weena subarea of the CBD) is the first

office district participating in the BREEAM-NL

certification of the Dutch Green Building Council.

RCD started a pilot to make the district more

attractive for contemporary office demand, by

enhancing its sustainable character. In this pilot,

the focus lies on both (re -) development of real

estate and sustainable entrepreneurship.




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Developments1. Central Station & Stationsplein

2. Weenapoint ‘First Rotterdam’

3. WeenaBLVD

4. Cool63

5. Post Rotterdam

6. Forum Rotterdam

7. Erasmushuis

8. Markthal

9. Blaak 31 (realised)

10. Blaak 16

11. Blaak 8 (realised)

12. Blaakhaven

New tenants in the CBDfrom 2012-2013(≥ 500 sq m)

13. The Office Operators14. Dockwise

15. Van der Stap Notarissen

16. Coolblue

17. Infopact Network Solutions

18. Next Generation Telecom

International (NGTI)

19. Sea Trucks Netherlands

20. Wilmar Europe Holdings

21. UPC Capelle a/d IJssel

22. Red Box Group

23. Unique Nederland

CentralStation

StationBlaak




CONCLUSIONS AND OUTLOOK

The CBD of Rotterdam is an office district in

transition. The first generation of office property

has lost most of its functionality and appeal to the

larger corporate tenants. This has meanwhile led to

a substantial vacancy in the district. However, the

RCBD keeps attracting tenants due to its unique

mix of accessibility and multi-functionality in the

heart of the city.

The RCBD is also growing in its role of preferred

area for international companies, particularly

when it concerns the energy- and transport related

niches. Recently, the district has been successf ul

in attracting tenants in the likes of Coolblue, UPC

and Sea Trucks, but has also shown to be able to

keep large-scale occupiers as Houthoff Buruma

and Unilever.

The municipality has understood this trend and is

actively upgrading the inner city by strengthening

its accessibility and its appeal as a place to work

and live. To meet nowadays tenant requirements,

there is also a need for new office space, whether it

is in new development schemes or in redeveloped

older properties. The success of the Central Post

redevelopment scheme provides a clear guideline.

The upcoming completion of First Rotterdam,

Cool63 and the refurbishment of Delftse Poort will

satisfy this need fur ther, although it will also lead to

an even higher aggregate vacancy in the inner city.

Due to continuing demand from corporate tenants,

the longer-term outlook for the RCBD is favourable

and market conditions can move back to healthy

levels again once the transition phase is over. To

this end, however, the city and other market parties

involved will have to realise that a concerted ef fort

and focus is needed. Opting for a simultaneous

development and expansion of multiple office

districts in the agglomeration will only challenge

the office market further.

The CBD of Rotterdam is without doubt the

top office district of the city and is expected to

become an ever more important location in The

Netherlands. Currently the negative market trend is

bottoming out and is expected to exploit its upward

potential, for an important part boosted by the

delivery of the restructured Weena area and the

new Rotterdam CS. It has all the characteristics

necessary to become a market with a healthy

demand/supply balance. However, upfront

investment in older buildings, which are not able

to meet nowadays’ tenant requirements, is key for

the success of the area and its property.

IMAGES OF THE LISTED BUILDINGS OF PAGES 4 AND 5

1. Groothandelsgebouw

2. Weenapoint

3. Millennium Tower

4. Central Plaza

5. Delftse Poort

6. Central Post

7. Unilever HQ

8. 200 Weena

9. Gebouw Weena

10. Weenatoren

11. Weena 70

12. Weenahuis

13. Weenaflat

14. Hofplein 19

15. Hofpoort

16. Hofplein 33

17. Coolsingel 6

18. Stadhuis

19. Hermes

20. Holbeinhuis

21. De Utrecht

22. Coolsingel 93

23. Aert van Nesstraat 5

24. De Splinter

25. Rotterdam Building

26. Beurs-WTC

27. Coolsingel 119

28. Erasmushuis

29. Coolse Poort

30. Robecohuis

31. Blaak Office Tower

32. Blaak 333

33. Blaak 40

34. Blaak 34

35. Blaak 28

36. Blakeburg

37. Blaak 31

38. Blaak 16

39. Blaak 8

40. Blaakhaven



For more information please contact:

CBRE B.V.

Research and Consulting

Machiel WoltersDirector+31 (0)20 626 26 91

Nick van WijkConsultant

+31 (0)20 626 26 91

CBRE RotterdamWalter Dielemans

Director+31 (0)10 300 48 00

Fabrizio RiguttoConsultant

+31 (0)10 300 48 00

CBRE Rotterdam CBD (Maart 2014)

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Transcript of CBRE Rotterdam CBD (Maart 2014)